Balance sheet asset depreciation

[KurteL10]

Hello,

I am trying to do my balance sheet, but it is off by the amount one of my assists depreciated (computer). Does anyone know the proper way to fix this? Thank you. 

[WendyN2]

Go back to that actual assets' entry page and walk through step by step to ensure that the asset is fully depreciated (if, in fact, that is the direction you are meaning when you say it is off by that amount). I have not seen or heard yet this year, but it is possible that your prior year might not have carried forward correctly. I would start there. As I am not sure what type of return it is you are working on, that is my only suggestion for now. I hope that helps.

[Kurtel10]

Thank you for the response. I realized that I was actually asking the incorrect question . The issue is that the value of the asset is the amount I’m out of balance. This is the case for the beginning and end of year values. I am not sure how to fix this. Thank you.

[Kurtel10]

The asset is set to depreciate over 5 years.

[ThomasM125]

It is possible that the asset is fully depreciated, and the accumulated depreciation is missing from the balance sheet. Often, you will not report the depreciation on your financial statement, but when you prepare your tax return, you enter the assets and then the depreciation is calculated. 

So your income statement for the tax return shows the depreciation, and the offset goes to accumulated depreciation on your balance sheet. But since you didn't report the depreciation on your financial statement, the accumulated depreciation is missing on the balance sheet that you transfer to your tax return.

Look on your balance sheet on your tax return and directly underneath it should be the accumulated depreciation. If there is no entry, then once you add it you may find yourself in balance.